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Argylls PF 7 Banking
| Term | Definition |
|---|---|
| ATM | Automated Teller Machine |
| Year Banking in America began | 1791 |
| A deposit in savings | time deposit |
| A deposit in checking | demand deposit |
| CD | Certificate of Deposit |
| Types of Financial Services | Savings, Payment, Borrowing, Financial Planning |
| Automatic deposit of net pay to an employee's account | Direct Deposit |
| A cash card that allows you to withdraw money or pay for purchases from your account | Debit card |
| PIN | Personal Identification Number |
| FDIC | Federal Deposit Insurance Corporation |
| The year the FDIC started | 1933 |
| FDIC insures your account up to | $100,000 |
| SAIF | Savings Association Insurance Fund |
| A for profit financial institution that offers a full range of financial services | Commerical bank |
| These two financial institutions specialize in mortgage loans | Savings and Loan Associations and Mutual Savings Banks |
| A nonprofit financial institution owned by members | Credit Union |
| A place in a financial institution to store small valuables | Safe-deposit box |
| Three non-deposit financial institutions | Life Insurance Co., Investment Co., Finance Company |
| This company deals with mutual funds | Investment Company |
| This financial company makes high-interest loans to people with poor credit ratings | Finance Company |
| They make loans based on the value of a tangible possessions. | Pawnshop |
| CCO | Check Cashing Outlet |
| Lease items such as furniture | Rent-to-Own Center |
| Credit Unions accounts are called this | Share accounts |
| Three types of savings accounts | Regular, CD's, Money Market, |
| The amount you would pay for a $100 Series EE Savings Bond | $50 |
| The date a bond reaches face value | Maturity Date |
| Yield | Rate of Return |
| The process where you earn interest upon interest | Compounding |
| APY | Annual Percentage Yield |
| How to evaluate savings plans.(7) | Rate of Return, Inflation, Taxes, Liquidity, Safety, Restriction, Fees |
| Insurance for Credit Union accounts | NCUA |
| An automatic loan made to an account if the balance does not cover the check | Overdraft Protection |
| A checking account with two or more people | Joint Account |
| The party who receives a check | Payee |
| The person who writes a check | Drawer |
| The financial institution a check is drawn on | Drawee |
| A request to not cash a check | stop payment order |
| An endorsement with just your name | Blank |
| An endorsement which states "For Deposit Only" | Restrictive |
| An endorement use to transfer a check which states "Pay to the order of" | Special |
| Always write your checks in this | Ink |
| Bringing your bank checking account into agreement with your bank statement | Bank reconciliation |
Created by:
mgargylls
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